going global through silicon valley andrus viirg enterprise estonia silicon valley...
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Going Global through Silicon Valley
Andrus ViirgEnterprise Estonia Silicon [email protected]
www.estonia.euwww.investinestonia.com
ENTERPRISE ESTONIAState foundation for Business Support & Development:
implementing agency of the EU structural funds in Estonia ca 270+ employees financing agency (grants) for enterprises, R&D and non-profit institutions
budget 784 mln EUR during 2007-2013 budget 750 mln EUR for 2014-2020
Investment, Trade, Tourism & Innovation Promotion– assisting international companies to estonianize– assisting Estonian companies to internationalize– Foreign Representative Offices (FDI, Export):
China (Shanghai); Denmark (Copenhagen); Finland (Helsinki); France (Paris); Germany (Hamburg, Munich); India (New Delhi);Japan (Tokyo); Norway (Oslo); Russia (St. Petersburg); Sweden (Stockholm); UK (London);USA (Silicon Valley)
California – the 8th economy in the World (GDP ca 2,3trillionUSD, 38mln people)
- 13% of US GDP
Silicon Valley 3% of USA GDP; 18% of California GDP, ca 5 mln people:
• 37% of residents foreign born• ca 400,000+ high tech jobs (20+% of all the
world´s tech companies based here) • most millionaires and billionaires in US per
capita• Average annual earnings 116 000 USD• San Francisco - major driver of the regions
economic prosperity• innovation: 14.2% of all USA reg.patents• Universities, R&D institutions
– Stanford, UC Berkeley, San Jose State…– SRI International,…
• 15+% of the World´s venture capital, 48+% of USA
Venture Capital deals(USD billion)
0
20
40
60
80
100
120
32
12 6.8 6.3 7.8 8 9.6 11 11 7.8 9 11.711.212.623.4
68
26
14.212.714.2 15 16.4 19 1811.2 14
16.716.117.4
24.9
other USSilicon Valley
PWC: MoneyTree Report 2014NVCA
2014Silicon Valley: 48% of all US deals in USD (23,4 bln USD of 48,3 bln USD)
32% of deals in numbers (1409 deals of 4356 of all USA)
US Venture Capital
VC investments by State (2013)
12 - 24Investments
Per Year
750 FirstMeetingsReview
Every Plan
150 Follow-onMeetings
Due diligence process
30K
DFJ Annual Deal Funnel
Building a global tech company
US market – ‘the gold standard’ for success in the technology industry
– Largest revenue opportunity – Best location for raising growth capital– Largest number of potential acquirers– Strongest appetite for tech stocks
– Best place to realize your liquid wealth
Enterprise Estonia Silicon Valley
CONNECTING PEOPLE - Helping to create valuable connections between
Estonian and US companies and institutions,- Organizing meetings, seminars and networking
with key players.
BUSINESS DEVELOPMENT- Supporting the development of your business
model to fit into the US market and helping to establish in US (virtual office or incorporating)
- Office space for meetings and events.
RAISING CAPITAL- Helping to find funding and scaling opportunities in
US for Estonian companies.- Promoting Estonia as a place to do business (FDI)
for US companies
Silicon Valley / California• www.clickandgrow.com• www.cognuse.com• www.deltabid.com• www.digitalsputnik.com• www.egeeninc.com• www.fortumo.com• www.fotki.com• www.guardtime.com• www.import2.com• www.iot.ee• www.mangobio.com• www.myhistro.com• www.pipedrive.com• www.planetOS.com• www.scoro.com• www.spmtips.com
East Coast (Boston & NYC area)• www.gosnazz.com• www.easybitz.com• www.erply.com• www.merocrat.com• www.mobile-now.us• www.tenantking.com• www.transferwise.com• www.zeroturnaround.com• www.zerply.com
Central US (Utah)• www.enefit.com
Acquisitions:FusionOne (acquired by Synchronoss in 2010, Silicon Valley)Modesat (acquired by Xilinx in 2012, Silicon Valley)GrabCAD (acquired by Stratasys in 2014, Boston)
Companies with`Eesti` roots in USA
www.teleport.orgwww.testlio.comwww.wellbiome.comwww.3DprinterOS
USA in Estonia
Entering US market• Understand the target customer’s challenges, need and pain
points– Talk to customers and prospects first before finalizing your
product/service • Develop a clear value proposition
– KISS: Keep It Simple Stupid• Marketing
– Build credibility with marketing materials that are professionally written and adapted for the new market
• References– A company in US vs (unknown) company from Europe (Estonia)
• Team– presence of the core team crucial– marketing team could be local
Andrus ViirgEnterprise Estonia Silicon [email protected]